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研究生:王志洋
研究生(外文):Wang, Chih-Yang
論文名稱:家族企業特性與經營績效之關聯性
論文名稱(外文):Family-Controlled Firms Characteristics and Firm Performance
指導教授:郭翠菱郭翠菱引用關係
指導教授(外文):Kuo, Tsuilin
口試委員:范宏書陳玉麟郭翠菱
口試委員(外文):Fan, Hung-ShuChen,Yu-LinKuo, Tsuilin
口試日期:2011-06-12
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:107
中文關鍵詞:家族企業經營績效代理理論管家理論
外文關鍵詞:family-controlled firmsperformanceagency theorystewardship theory
相關次數:
  • 被引用被引用:5
  • 點閱點閱:551
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究主要探討家族與非家族企業對經營績效差異之比較,並進一步分析影響家族企業經營績效差異之決定因素。過去文獻多以代理理論角度探討家族特性,而本研究以管家理論(stewardship theory)與代理理論(agency theory)兩個角度探討家族與非家族企業績效差異,並進一步觀察在家族企業中家族控制持股、家族控制董事席次、家族成員擔任董事長及總經理、機構法人持股與股權偏離程度是否為影響家族績效之決定因素。本研究以1996年至2010年台灣上市櫃、興櫃公司為樣本,共1,237家企業,以追蹤型資料(panel data)模型進行分析,實證結果顯示家族企業績效優於非家族企業,支持管家理論,家族企業存有利益一致效果;本研究另發現家族企業績效優於專業經理人治理型態企業。而影響家族企業經營績效之決定因素方面,家族成員之控制持股對於會計績效有正面影響,進一步將家族控制持股區分直接與間接持股,結果發現其對會計績效有正面影響主要源自家族成員之直接持股;市場投資人對於家族成員提高控制董事席次則有負面之觀感,家族成員擔任董事長及總經理則與績效無顯著關聯性;機構法人持股對於績效有正面影響,進一步區分國內外金融機構法人持股後,發現國外金融機構法人對於市場績效正面效果較國內金融機構法人強;股權偏離程度愈小則對於家族企業績效有正面影響。
This paper comparing the performance of family-controlled firms versus nonfamily-controlled firms and the determinants of affecting family-controlled operation performance. This paper combines two points of view based on agency theory and stewardship theory to explore the effect of family-controlled firm performance. Based on the sample of 1,237 Taiwan listed, OTC and ROTC firms from 1996 to 2010, our results suggest that family-controlled firms are significantly better performers than nonfamily-controlled firms. Moreover, we also find professional management governance firms are significantly better performers than family-controlled firms. This empirical result is consistent with the alignment effect argument. The impact of family business performance determinants, we found family control shareholding have a positive impact for the accounting performance mainly from family members of the direct shareholding. Family directors and market performance are in a negative relationship. The family members as chairman and CEO no significant correlation with the performance. We find positive effect institutional ownership is positively associated with firm performance. We also find foreign financial institutional ownership is positively associated with stock market-based measures of firm performance only. The family-controlled firms with higher deviation of control from cash-flow rights are underperforming.
目 錄
1.頁次 x
2.表次 xii
3.圖次 xv
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 4
第二章 文獻探討 6
第一節 家族與非家族企業之定義及特色 6
第二節 探討家族與非家族企業經營績效差異之相關文獻 15
第三節 影響家族企業經營績效決定因素之相關文獻 30
第三章 研究方法 40
第一節 觀念性架構 40
第二節 理論基礎與假說發展 42
第三節 選樣標準、研究期間及資料蒐集 48
第四節 變數衡量 50
第五節 實證模型與統計分析方法 59
第四章 實證分析 63
第一節 敘述性統計 63
第二節 相關係數分析 70
第三節 實證結果 73
第四節 敏感性測試 80
第五章 結論與建議 97
第一節 研究結論 97
第二節 研究貢獻 98
第三節 研究限制 99
參考文獻 100


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